Publication - IIPM

It is characteristic that any arising excess of money encourages economic activity to expand at an artificially rapid pace and this eventually causes upward pressure on sensitive materials prices, on land and on labor. This trend then reinforces itself – with a lag – by inciting a move to get out of what has increasingly come to be perceived as cheapening money and into ever more expensive commodities. When money was gold and gold was money, therefore, how else would such an imbalance be expressed than by a depreciation of gold vis-à-vis other, perhaps more useful, commodities?

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Source: IIPM - Business & Economy